The Crystal Cathedral campus, a longstanding landmark in Orange County, will be sold as a method of exiting bankruptcy and reconciling millions in debt, church officials said today.
The Garden Grove church, which said it owed more than $50 million to creditors and vendors when it filed for Chapter 11 bankruptcy protection in October, will file a reorganization plan with a Santa Ana court as soon as Friday.
"It’s great news," said church spokesman John Charles. "It gives us the opportunity to pay everybody off and start fresh."
The plan includes the sale of the 40-acre campus to a real estate investment group, alleviating financial pressure from a $36-million mortgage, Charles said.
For more, see:
Crystal'>http://latimesblogs.latimes.com/lanow/2011/05/crystal-cathedral-to-be-sold-emerge-from-bankruptcy-.html">Crystal Cathedral to be sold to pay off debt, emerge from bankruptcy - latimes.com
The Garden Grove church, which said it owed more than $50 million to creditors and vendors when it filed for Chapter 11 bankruptcy protection in October, will file a reorganization plan with a Santa Ana court as soon as Friday.
"It’s great news," said church spokesman John Charles. "It gives us the opportunity to pay everybody off and start fresh."
The plan includes the sale of the 40-acre campus to a real estate investment group, alleviating financial pressure from a $36-million mortgage, Charles said.
For more, see:
Crystal'>http://latimesblogs.latimes.com/lanow/2011/05/crystal-cathedral-to-be-sold-emerge-from-bankruptcy-.html">Crystal Cathedral to be sold to pay off debt, emerge from bankruptcy - latimes.com
1 comment:
A few takeaways.
----------
O GOD the Father, of heaven : have mercy upon us miserable sinners.
O God the Father, of heaven : have mercy upon us miserable sinners.
O God the Son, Redeemer of the world : have mercy upon us miserable sinners.
O God the Son, Redeemer of the world : have mercy upon us miserable sinners.
O God the Holy Ghost, proceeding from the Father and the Son: have mercy upon us miserable sinners.
O God the Holy Ghost, proceeding from the Father and the Son : have mercy upon us miserable sinners.
O holy, blessed, and glorious Trinity, three Persons and one God : have mercy upon us miserable sinners.
O holy, blessed, and glorious Trinity, three Persons and one God : have mercy upon us miserable sinners.
Remember not, Lord, our offences, nor the offences of our forefathers; neither take thou vengeance of our sins: Spare us, good Lord, spare thy people, whom thou hast redeemed with thy most precious blood, and be not angry with us for ever.
Spare us, good Lord.
From all evil and mischief; from sin; from the crafts and assaults of the devil; from thy wrath, and from everlasting damnation,
Good Lord, deliver us.
From all blindness of heart; from pride, vainglory, and hypocrisy; from envy, hatred, and malice, and all uncharitableness,
Good Lord, deliver us.
From all sedition, privy conspiracy, and rebellion; from all false doctrine, heresy, and schism; from hardness of heart, and contempt of thy Word and Commandment,
Good Lord, deliver us.
-----------------------
A few takeaways: (1) Thankgiving to HM for the Bible, the books, the old Reformation Confessions, and the old BCP. (2) Also, thanksgiving to Grandparents, Parents, and faithful Catechetists in the faith. Dr. Philip Edcumbe Hughes (CoE), that faithful REC Bishop, Dr. Theophilus Herter, and Dr. James Montgomery Boice. R.C. Sproul has done commendable work as well, although he's permitted predestinarian, non-confessional, anti-liturgical and Revivalist Anabaptists to the stage.
Post a Comment